Starting a veterinary practice can be exciting, personally fulfilling, and highly lucrative. However, failing to comply with legal requirements can put a halt to your practice before it has a chance to get off the ground. Therefore, when starting a new veterinary practice, it’s imperative to consult with an experienced veterinary attorney. A veterinary attorney will work with you to ensure compliance with all laws and regulations, giving you the freedom to focus on what is most important—the health of your clients. In this article, we discuss some important considerations for veterinary startups.
Options for Starting a Veterinary Practice
Although there are several ways to start a veterinary practice, the most common ones are as follows:
Purchase an existing practice: The most common way to start a new practice is to purchase an existing veterinary practice. This can be a great option, especially if the existing practice comes with an existing staff and customers. However, to pursue this option, you must accurately value the practice and negotiate a fair price. Fortunately, an experienced veterinary attorney can help ensure an accurate valuation and smooth transaction.
Join a veterinary corporation: Another option for starting your own veterinary practice is to join a veterinary corporation. Veterinary corporations provide practices with multiple benefits, such as access to capital, marketing assistance, and back-office support. This is a good option for veterinarians who lack the resources to buy an existing veterinary practice. In this type of arrangement, veterinary corporation directors, officers, and shareholders are required to follow specific legal guidelines and share profits with the veterinary corporation, which makes it imperative to seek the assistance of an experienced veterinary attorney when pursuing this option.
Build a new practice: A third option for starting a veterinary practice is to build one from scratch. Although this option can be risky, it can also be highly rewarding. To successfully pursue this option, you should work with a knowledgeable attorney to research practices in your area, secure financing, draft a business plan, hire staff, and promote your practice.
Key Legal Considerations
There is a litany of legal requirements for veterinary startups, making it necessary to seek legal guidance when opening your own practice. One area with extensive legal requirements is permitting. All veterinary practices must comply with state permitting and registration requirements. Key permitting requirements include:
- Registration with the Secretary of State
- Issuance of a federal tax ID number
- Issuance of a state tax ID number
- Registration with the Department of Labor
- Issuance of a sales tax license
Contact Our Experienced Veterinary Attorneys
Due to the multiple legal requirements for starting a new veterinary practice, you should seek legal guidance for assistance with the process. At Mahan Law, our experienced veterinary lawyers understand what it takes to get your veterinary practice up and running. So, when you come to us for assistance, we will ensure that you comply with the legal steps required to get your practice off the ground. Please contact us to schedule a meeting with one of our experienced veterinary lawyers.